Keeping Score

AUTHOR(S)

Castanon, Yvette

PUB. DATE

September 2004

SOURCE

Marketing Management;Sep/Oct2004, Vol. 13 Issue 5, p16

SOURCE TYPE

Periodical

DOC. TYPE

Article

ABSTRACT

This article describes the strategy of Siemens in justifying marketing budgets by tracking and measuring data-driven marketing efforts. The first step was to garner intelligence from some 30 lead sources including the Web, trade shows, telemarketing, referrals, advertising efforts, and a robust business to business marketing database compiled by its outsource partner, Harte-Hanks Inc. Marketing intelligence was gathered as the leads were analyzed by a qualifying filter. A key component of the success of the incubation process is tracking and reporting. Through the marketing control panel, members of management can look at all lead sources and sorts. They can determine the types of leads and the behaviors of each source. Product types and offerings can be analyzed. It allows marketers to view a ranking of interests to various offers and to map lead sources. While tracking behaviors at each customer touch point, Siemens has succeeded in building behavioral profiles on its prospects. As an end result, sales and marketing staff are able to drill down to see which prospects asked for quotes and then track who actually bought. Using data, Siemens is systematically developing a global infrastructure where marketing efforts are based on lifetime value. Monthly customer touches are based on behaviors and, in turn, are refined based on what the customer responds to. What may seem like an overnight success story for Siemens actually took years of collaboration and data-driven strategy that have now become engrained in the culture. Both art and science have been skillfully combined to help Siemens manage, track, and fund its marketing efforts--proving that each sustained activity creates a beneficial impact on the bottom line.

ACCESSION #

14370855

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